Hey there! Thanks for pointing this out, you are absolutely right - I've checked and equipment do start to fall off.
I am considering making equipment a separate multiplier, but for now in the next v0.30 update that will release later today, I have made a quick adjustment as a start - for Regen stats, I have buffed equipment bonuses by 10x, and I will progressively make further changes to the equipment to make them worthwhile.